Kingfisher weathers storm as sales increase overseas December 2, 2010 DIY RETAIL group Kingfisher said yesterday that sales in eastern Europe and France helped to bolster its business accounting for some 80 per cent of profits in the third quarter. The group said in a trading statement, total sales were broadly flat but that good international growth offset a fall in the UK where sales [...]
Britvic December 2, 2010 THE Irish crisis drained the fizz out of drinks manufacturer Britvic’s share price yesterday, although it recovered to close at 476p, down only 2.9 per cent after what many viewed as drastic overselling in the morning that saw it dip down to a low of 449p. Although the firm’s Irish exposure demands some caution, its [...]
Tui Travel profits in a surprise rebound December 2, 2010 LEISURE firm Tui Travel released stronger-than-expected profits yesterday, despite a tough year for UK travel. The travel group said that its adjusted pre-tax profits rose four per cent in the last fiscal year, ended 30 September, while its underlying full-year operating profit increased by 11 per cent. The results are from a rough year for [...]
CITY MOVES | WHO’S SWITCHING JOBS December 2, 2010 Renaissance Renaissance Group has announced that Robert Hanson has been appointed as the first member of its International Advisory Board. Hanson, currently chairman of Strand Hanson, the boutique investment bank in which both Renaissance Group and Hanson hold significant minority stakes, will advise Renaissance Group on investments, transactions and strategic issues. He remains a non-executive [...]
SEC mulls flash crash plan extension December 2, 2010 US regulators are considering a three-month extension to their pilot programme that gives stocks a reprieve when they are in freefall, people familiar with the situation said yesterday. The Securities and Exchange Commission’s (SEC) circuit-breaker programme expires on 10 December and the regulator is under pressure to find permanent solutions to bolster market integrity after [...]
ANALYST VIEWS: WHAT DO YOU MAKE OF TUI’S RESULTS? December 2, 2010 SAM HART | CHARLES STANLEY Given tough environmental conditions in the UK, the results were pretty solid. TUI Travel is delivering synergy savings and cost savings that will help it, though it still needs to rebuild credibility with investors. NICK BATRAM | KBC PEEL HUNT I think it’s been a pretty torrid year for it, [...]
Qantas warns it is set to sue Rolls-Royce December 2, 2010 QANTAS reserved the right to sue engine supplier Rolls-Royce yesterday for damages related to the failure of an engine on one of its Airbus A380 aircraft. But the airline stressed it was still keen to come to a commercial settlement with the engine maker. Qantas filed a claim in Australia’s Federal Court over the financial [...]
Daisy Group makes £23.5m acquisition December 2, 2010 DAISY GROUP clinched a deal to buyout the health-related business communications service provider NEG MBO Two (NEG) yesterday. The agreement saw seven NEG executives walk away with £23.5m between them. Three of them will remain with Daisy Group on an incentive scheme, taking a percentage cut of the net profits over the next two to [...]
Marston’s delivers festive cheer with robust results December 2, 2010 PUB landlord Marston’s overcame news of pub closures and the recession to deliver cheering full-year results yesterday. Marston’s, the UK’s largest brewer of cask ale and owner of 2,158 pubs across the country, defied tough trading conditions to report top-of-the-range adjusted profit before tax of £73.5m, up 4.6 per cent from £70.5m the previous year. [...]
Europe’s governments have put all their chips into rescuing the banks December 2, 2010 THE THIRD phase of the financial crisis has become acute. In the first phase, from July 2007 to September 2008, certain money markets seized up, costs of credit for financial institutions rose, and a series of such institutions (e.g. Northern Rock, Bear Stearns) came under pressure. Phase one ended, and phase two began in September [...]
